TEIA token Distribution Announcement

How to claim your TEIA tokens

Click here for the Chinese translation of this article.

After more than a year of planning and building, it's finally time: Teia is distributing its first drop of Governance Tokens among its community, a huge step forward towards the first open-sourced, fully community-owned art platform on Tezos. But what does that mean and how does it work? This article tells you all you need to know about getting your TEIA tokens and becoming a DAO member.

The Teia DAO Tokens will have the the Symbol $TEIA and this Logo by Julio Glatt (main designer of the former H=N logo) chosen by the community via Discord polling:

The planified and geometric shadow of a 3D 'T', seen from its bottom

- Julio Glatt

Teia DAO Token Drop Details

The Token Drop event is scheduled to take place between August 20th and November 20th of 2023. During this time frame, the first batch of TEIA DAO tokens will be distributed to our community members via the token claim page teia.art/claim. Claiming your TEIA tokens is free (except for the transaction fees, of course). Be aware that only www.teia.art/claim is the official token claim page. TEIA tokens will only be distributed through this specific URL and nowhere else.

There are three ways that your wallet may be eligible for TEIA tokens:

• You have used either the hicetnunc or Teia contracts (minting, selling, collecting) for more than 14 days prior to July 31st, 2023
• You held hDAO Tokens until at least April 22nd, 2023
• You have been actively contributing to Teia as a volunteer

As long as you meet one or more of these criteria, then your wallet should be eligible for TEIA tokens. You can find a spreadsheet with all eligible addresses and their amount of TEIA tokens here. If your wallet does not show as eligible & you believe it should, then please come to our community discord for assistance or write us at [email protected].

The exact parameters and details of how the tokens are distributed are laid out in detail on the token distribution fact sheet on our blog.

The community has decided via an on-chain vote that we should mint a total supply of 8 million tokens. Unclaimed tokens will remain in the Teia treasury for future distribution events.

Why a DAO?

Teia was formed after the open-source marketplace "hic et nunc" was discontinued in November 2021 and has since been collectively built by volunteers towards a community-run art platform that is governed by a decentralized autonomous organization (DAO). This structure ensures that no single person owns/controls Teia and that the platform is collectively shaped by the DAO members via on chain voting. The reason for distributing voting power based on activity on hicetneunc and teia is to make sure that individuals who have participated the most in our ecosystem get more voting power. It also prevents people with multiple wallets from having a bigger voting power than people with fewer wallets (which is the case with the "1 vote per wallet" approach).

The Teia DAO working group has outlined a governance structure, written the needed smart contracts, and officially registered Teia as a DAO LLC. The details are documented in the article "Governance on Teia" on our wiki and is expected to be subject to constant changes as the structure grows, improves, and changes.

What are TEIA DAO Tokens?

The TEIA tokens are the governance tokens for the Teia art platform on the Tezos Blockchain, granting holders voting rights and the ability to participate in important decision-making processes such as setting up and voting on DAO proposals regarding the Teia DAO LLC or participating in community polling on chain.

Owners of the tokens are going to be allowed to set up and vote on DAO proposals for Teia. The voting power is determined by the amount of TEIA tokens each wallet owns.

How to become a part of the Teia DAO

As a next step, the TEIA tokens will be distributed among the users of hicetnunc and Teia to give everyone voting power equivalent to their activity in the ecosystem. By claiming and/or holding TEIA tokens, you become a member of the Teia DAO LLC.

To participate in the Teia DAO Token Drop and claim your tokens, follow these steps:

1. Visit Teia.art and sync your wallet.
2. Go to the token claim page teia.art/claim.
3. Read the legal disclaimer on that page. It outlines important information regarding the nature of TEIA tokens and your responsibilities as a token holder and should only take a few minutes to read.
4. Confirm you have read the disclaimer by checking the box at the bottom of the page. The Claim Button should appear.
5. Click on the "Claim TEIA DAO tokens" button at the bottom of the page to initiate the token claim process and confirm the operation with your wallet. Your tokens should arrive in your wallet after a few minutes.
6. You have to claim the tokens with every wallet you own that is eligible for tokens separately.

Be aware of scammers

A very common scam tactic in the cryptosphere is for scammers to set up websites that have slightly similar domains to legit ones to trick users into syncing their wallets with the scam sites and signing transactions there. This means funds might get stolen or wallets getting compromised.

You don´t need to hurry or FOMO, the claim period will last 3 months until November 20th, and nobody but you can claim the tokens that have been assigned to your wallet. Please only sync your wallet to known sites and check the URL for small typos or errors before syncing. For Teia's token claim, only www.teia.art/claim is the official token claim page. TEIA tokens will only be distributed through this specific URL and nowhere else.

I got my tokens, what's next?

Congratulations, you are now part of the Teia DAO. After the Token claim period concludes, we will start the next phase of our DAO building process, where the legal ownership of the DAO will still be with the current core team multisig/treasury smart contract, but the DAO contracts will be deployed and available to be used by Teia's members to set up and vote on proposals.

By the way: We're currently seeking volunteer developers proficient in frontend code to assist in creating user-friendly UIs for our DAO voting tools and the DAO pages. If you have some experience with frontend code and are interested in contributing some of your time to Teia, please don't hesitate to reach out. Say hello on the Teia Discord server or contact us via email at [email protected]. Your support would be greatly appreciated!

After a few months of testing and fine-tuning the DAO contract parameters, the ownership of Teia DAO will be legally transferred to all TEIA holders, and the DAO proposals and voting results will be legally binding.

In other words: At that point, the Teia DAO launch will be completed, and the community will have successfully launched the first fully community-owned marketplace on the Tezos blockchain!